Morgan Stanley says it has tapped former Fidelity Investments executive and industry veteran Ellyn A. McColgan, 53, as the new president and chief operating officer of the its global wealth management group – which includes some 8,341 financial advisors. The company made the announcement December 17 but says McColgan will start in April 2008.
She will replace James Gorman, who has been promoted to co-president of Morgan Stanley. McColgan will also be a member of Morgan Stanley’s management committee and will report to Gorman.
“Ellyn McColgan is the ideal executive to carry forward the tremendous progress that James Gorman and his team have made in transforming our Global Wealth Management business into an industry leader ,” says Morgan Stanley CEO and Chairman John Mack “As the leader over a number of years of one of the largest wealth-management businesses in the U.S., Ellyn has a proven ability to grow revenues and profits, deliver a superior operating platform to financial advisors and create a client experience that is second-to-none.”
McColgan spent 17 years at Fidelity and most recently was president of retail and institutional distribution and operations, which included core processing operations in the U.S. and India – and oversight of 21,000 employees and $1.5 trillion-plus in assets under administration. Earlier, she had been president of Fidelity Brokerage Company, one of the largest such companies in the U.S. based on client assets and accounts.
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“I have known Ellyn for many years,” explains Gorman, “having first met her when we served together on the board of the Securities Industry and Financial Markets Association [previously called the Securities Industry Association]. She is one of the most talented executives in the wealth-management industry and brings great insight, expertise and a fresh perspective to our business. We will draw upon her vast experience with wealth management products.